Bitcoin Surges Toward $84,000 as Geopolitical Tensions Ease in Strait of Hormuz

Bitcoin (BTC) climbed above $78,000 on Friday, marking its highest level in ten weeks. The rally was triggered by statements from Iran's foreign minister confirming that the Strait of Hormuz would remain open during the current ceasefire between the US, Israel, and Iran, significantly reducing geopolitical risk for global markets. This easing of tensions has sparked a broad-based recovery across the cryptocurrency market. On-chain data from CryptoQuant reveals significant institutional interest, with whales holding over 1,000 BTC accumulating approximately 270,000 coins over the last 30 days—the most aggressive buying streak since 2013. From a technical perspective, a sustained close above $76,000 completes a bullish ascending triangle, potentially clearing a path toward $84,000 and eventually $92,000. However, some analysts remain cautious; Glassnode warns of potential selling pressure at the True Market Mean of $78,100, which must be held on a mid-term basis to confirm a structural bull market shift. The bullish momentum has extended to major altcoins. Ethereum (ETH) is currently testing resistance at $2,415, with potential targets of $2,800 and $3,050. Similarly, XRP has reclaimed its 50-day simple moving average of $1.38, while BNB has moved above its 50-day SMA of $626, signaling a reduction in selling pressure across the top-tier digital assets.